On December 2, 2024, Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) had a working session with the Information Technology (IT) Department. In her remarks delivered at the session, the SBV Governor emphasized that the entire banking system would continue to promote the digital transformation linked with ensuring the safety and security, and the continuous operations of the information systems.
SBV Governor Nguyen Thi Hong speaks at the meeting
Also attending the meeting, there was Deputy Governor Pham Tien Dzung, representatives of a number of SBV entities, and all the officials and staff of the IT Department.
Governor Nguyen Thi Hong further emphasized that, in the common trend of IT application and the digital transformation, in Vietnam, the Prime Minister had issued Decision No. 749/QD-TTg dated June 3, 2020 approving the “National Digital Transformation Program towards 2025, vision to 2030” with three pillars of ‘A Digital Government’, “A Digital Economy’ and ‘A Digital Society’. For the SBV’s part, the Governor had issued Decision No. 810/QD-NHNN approving the Plan for the Digital Transformation in the banking sector by 2025, vision to 2030, with the objectives of comprehensively innovating the SBV’s management towards modernization and effective application of the achievements of the IR 4.0..
Deputy Governor Pham Tien Dzung speaks at the meeting
Reporting on the results of the digital transformation in the banking sector over the past time, the Acting Director General of the IT Department informed that, for the SBV, all end-to-end public services, which were initially planned to be fully integrated into the National Public Service Portal by 2025, had been done so in 2024. Currently, the percentage of work records at the SBV which are processed and stored in the online environment (except for work records of national secrets) has reached 99.99%. The reporting documents, indicators of periodic reporting requirements under the SBV management (not within the scope of national secrets) are now digitally signed and sent via the IT system; the percentage of transactions in the SBV’s Public Service Portal and the Single Window System which have been electronically authenticated, has reached 100%.
For the credit institutions, over 80% of them have developed strategies/plans for and are implementing the digital transformation. A number of basic services have been performed entirely on the digital channels, such as account opening, payment, money transfer, savings deposits, etc.; many banks have achieved over 90% of their transactions performed on the digital channels. By September 2024, 85 credit institutions had provided e-payment services, and 52 credit institutions had provided mobile payment services,...
Mr. Le Hoang Chinh Quang, Acting Director General of the IT Department, reports on the results of the digital transformation in 2024 and the orientations in 2025
Recognizing and commending the results achieved by the IT Department over the past time, the SBV Governor requested the Department to continue to strictly implement the instructions of the SBV's Board of Management to ensure the completion of the tasks in line with the schedule, and to achieve the set goals. In particular, the Department should focus on two strategic, consistent and long-term tasks, i.e. the digital transformation of the banking sector, and ensuring the security and safety, and the continuous operations of the SBV's and the banking sector's information systems.
In addition, the IT Department is also requested to continue to review, consider and propose to issue, or amend and supplement the relevant legal regulations, creating a legal basis for the digital transformation, and ensuring the information security and safety in the banking operations; modernize the interbank electronic payment system applying ISO 20022 standards; improve the analysis, forecasting and management capacity of the SBV by modernizing the SBV's reporting system; apply new technology solutions (Big Data, AI, RPA,...) in support of the professional operations, the internal governance in the electronic environment, supporting the automation of the daily tasks; develop and implement investment plans to upgrade and modernize the IT infrastructure; focus on investing in the elements that can ensure the security, safety, and the contingency plans when investing in the IT systems of the SBV,… ensure safe, smooth and continuous operations of the Interbank Electronic Payment System, and other important information systems of the SBV.
SBV Governor Nguyen Thi Hong visits the servers’ room and operation center
In parallel, it is necessary to strengthen the inspection and supervision of the compliance with the regulations on IT and information security and safety of the credit institutions and the payment intermediaries; actively coordinate with the functional units of the Ministries and agencies in ensuring the network security, contributing to preventing and combating high-tech crimes in the banking sector, etc.
Le Hang